10-Q Filing

IEH CORP CIK: 50292 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001174947-19-001002`
Period End Date	20190630
Filing Date	20190819
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	iehc-20190628.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 20

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$9.96M	USD	Point-in-time
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$9.72M	USD	Point-in-time
Cash	`Cash`	$2.32M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$6.44M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$1.41M	USD	Point-in-time
Cash	`Cash`	$7.08M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, less allowances for doubtful accounts of $0 at June 28, 2019 and at March 29, 2019	`AccountsReceivableNetCurrent`	$3.83M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, less allowances for doubtful accounts of $0 at June 28, 2019 and at March 29, 2019	`AccountsReceivableNetCurrent`	$5.20M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.32M	shares	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$12.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.32M	shares	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$12.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Excess payments to commercial finance company (Note 6)	`AccountsReceivableFromSecuritization`	-	USD	Point-in-time
Excess payments to commercial finance company (Note 6)	`AccountsReceivableFromSecuritization`	$705.62K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Prepaid expenses and other current assets (Note 4)	`PrepaidExpenseAndOtherAssetsCurrent`	$534.90K	USD	Point-in-time
Prepaid expenses and other current assets (Note 4)	`PrepaidExpenseAndOtherAssetsCurrent`	$387.52K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.78M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$23.47M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation and amortization of $9,959,821, at June 28, 2019 and $9,723,201 at March 29, 2019 (Note 5)	`PropertyPlantAndEquipmentNet`	$2.58M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation and amortization of $9,959,821, at June 28, 2019 and $9,723,201 at March 29, 2019 (Note 5)	`PropertyPlantAndEquipmentNet`	$2.56M	USD	Point-in-time
Right of use Asset-Leasehold	`OperatingLeaseRightOfUseAsset`	$301.96K	USD	Point-in-time
Right of use Asset-Leasehold	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use Asset-Leasehold	`OperatingLeaseRightOfUseAsset`	$254.25K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$54.49K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$54.49K	USD	Point-in-time
Total Other Assets	`OtherAssets`	$54.49K	USD	Point-in-time
Total Other Assets	`OtherAssets`	$308.74K	USD	Point-in-time
Total Assets	`Assets`	$26.08M	USD	Point-in-time
Total Assets	`Assets`	$27.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$480.01K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$501.11K	USD	Point-in-time
Due to commercial finance company (Note 6)	`AccountsPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Due to commercial finance company (Note 6)	`AccountsPayableRelatedPartiesNoncurrent`	$334.31K	USD	Point-in-time
Customer advance payments	`AccountsPayableRelatedPartiesCurrent`	$524.68K	USD	Point-in-time
Customer advance payments	`AccountsPayableRelatedPartiesCurrent`	$348.23K	USD	Point-in-time
Accrued corporate income taxes	`AccruedIncomeTaxesCurrent`	$1.68M	USD	Point-in-time
Accrued corporate income taxes	`AccruedIncomeTaxesCurrent`	$2.04M	USD	Point-in-time
Deferred Lease Liability - Net of Long Term	`OperatingLeaseLiabilityCurrent`	$190.92K	USD	Point-in-time
Deferred Lease Liability - Net of Long Term	`OperatingLeaseLiabilityCurrent`	$301.96K	USD	Point-in-time
Deferred Lease Liability - Net of Long Term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Other current liabilities (Note 7)	`OtherLiabilitiesCurrent`	$977.42K	USD	Point-in-time
Other current liabilities (Note 7)	`OtherLiabilitiesCurrent`	$1.16M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.82M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.43M	USD	Point-in-time
Deferred Lease Liability-Long Term	`OperatingLeaseLiabilityNoncurrent`	$64.21K	USD	Point-in-time
Deferred Lease Liability-Long Term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$64.21K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.49M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.82M	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 2,323,468 shares issued and outstanding at June 28, 2019 and at March 29, 2019	`CommonStockValue`	$23.23K	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 2,323,468 shares issued and outstanding at June 28, 2019 and at March 29, 2019	`CommonStockValue`	$23.23K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$3.80M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$3.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.35M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.27M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$23.19M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$26.08M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.68M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
REVENUE, net	`Revenues`	$9.04M	USD	1 Quarter
REVENUE, net	`Revenues`	$7.57M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$4.76M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$4.82M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$861.69K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$236.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$141.60K	USD	1 Quarter
Total Costs and Expenses	`CostsAndExpenses`	$5.76M	USD	1 Quarter
Total Costs and Expenses	`CostsAndExpenses`	$6.17M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$3.28M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$1.40M	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncomeExpense`	$8.90K	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncomeExpense`	$1.21K	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	$13.93K	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	$10.25K	USD	1 Quarter
TOTAL OTHER INCOME AND INTEREST EXPENSE	`NonoperatingIncomeExpense`	$-5.03K	USD	1 Quarter
TOTAL OTHER INCOME AND INTEREST EXPENSE	`NonoperatingIncomeExpense`	$-9.04K	USD	1 Quarter
INCOME BEFORE PROVISION FOR INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.27M	USD	1 Quarter
INCOME BEFORE PROVISION FOR INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.39M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$1.01M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$481.44K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$909.53K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$2.26M	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (Note 2)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (Note 2)	`EarningsPerShareBasic`	$0.98	USD	1 Quarter
FULLY DILUTED EARNINGS PER COMMON SHARE (Note2)	`EarningsPerShareDiluted`	$0.95	USD	1 Quarter
FULLY DILUTED EARNINGS PER COMMON SHARE (Note2)	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	2.31M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	2.32M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - FULLY DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.38M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - FULLY DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.44M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$909.53K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$236.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$141.60K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$8.46K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.80K	USD	1 Quarter
Increase in right of use asset leasehold	`IncreaseDecreaseInRightOfUseAssetLeasehold`	$254.25K	USD	1 Quarter
Increase in right of use asset leasehold	`IncreaseDecreaseInRightOfUseAssetLeasehold`	-	USD	1 Quarter
Increase in deferred lease liability	`IncreaseDecreaseInDeferredLiabilities`	-	USD	1 Quarter
Increase in deferred lease liability	`IncreaseDecreaseInDeferredLiabilities`	$255.13K	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.44M	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.37M	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$708.30K	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$22.80K	USD	1 Quarter
Increase in excess payments to commercial finance company	`IncreaseDecreaseInAccountsReceivableFromSecuritization`	$1.44M	USD	1 Quarter
Increase in excess payments to commercial finance company	`IncreaseDecreaseInAccountsReceivableFromSecuritization`	$705.62K	USD	1 Quarter
Increase decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$180.91K	USD	1 Quarter
Increase decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-147.38K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.09K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$591.40K	USD	1 Quarter
Increase in customer advance payments	`IncreaseDecreaseInContractWithCustomerLiability`	$176.46K	USD	1 Quarter
Increase in customer advance payments	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Increase in other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$186.14K	USD	1 Quarter
Increase in other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$205.73K	USD	1 Quarter
Increase in accrued corporate taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$368.54K	USD	1 Quarter
Increase in accrued corporate taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.54M	USD	1 Quarter
Total adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-950.61K	USD	1 Quarter
Total adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$973.42K	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-41.08K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$260.24K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$57.43K	USD	1 Quarter
NET CASH (USED) BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-57.43K	USD	1 Quarter
NET CASH (USED) BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-260.24K	USD	1 Quarter
Activity from commercial financing company	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Activity from commercial financing company	`ProceedsFromRepaymentsOfLinesOfCredit`	$-334.31K	USD	1 Quarter
NET CASH (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-334.31K	USD	1 Quarter
NET CASH (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$915.98K	USD	1 Quarter
INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-635.62K	USD	1 Quarter
CASH, beginning of period	`Cash`	$2.32M	USD	Point-in-time
CASH, beginning of period	`Cash`	$6.44M	USD	Point-in-time
CASH, beginning of period	`Cash`	$1.41M	USD	Point-in-time
CASH, beginning of period	`Cash`	$7.08M	USD	Point-in-time
CASH, end of period	`Cash`	$2.32M	USD	Point-in-time
CASH, end of period	`Cash`	$6.44M	USD	Point-in-time
CASH, end of period	`Cash`	$1.41M	USD	Point-in-time
CASH, end of period	`Cash`	$7.08M	USD	Point-in-time
Interest	`InterestPaidNet`	$10.25K	USD	1 Quarter
Interest	`InterestPaidNet`	$10.50K	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	$112.89K	USD	1 Quarter
Amortization of Right of Use Asset	`AmortizationOfRightOfUseAsset`	$47.71K	USD	1 Quarter
Amortization of Right of Use Asset	`AmortizationOfRightOfUseAsset`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Number of options exercised by surrendering common stock shares	`ExerciseOfStockOptionsDuringPeriodBySurrenderingCommonStockShares`	75,000.00	shares	1 Quarter
Number of common stock shares surrendered	`SurrenderingCommonStock`	55,000.00	shares	1 Quarter
Balances, beginning	`StockholdersEquity`	$17.07M	USD	Point-in-time
Balances, beginning	`StockholdersEquity`	$22.27M	USD	Point-in-time
Balances, beginning	`StockholdersEquity`	$23.19M	USD	Point-in-time
Balances, beginning	`StockholdersEquity`	$19.33M	USD	Point-in-time
Balances, beginning, shares	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Balances, beginning, shares	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Stock option expense recognized for the quarter ended	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$8.46K	USD	1 Quarter
Stock option expense recognized for the quarter ended	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$2.80K	USD	1 Quarter
Exercise of options by surrendering Shares of common stock	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Exercise of options by surrendering Shares of common stock, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	1 Quarter
Net income for the quarter ended	`NetIncomeLoss`	$909.53K	USD	1 Quarter
Net income for the quarter ended	`NetIncomeLoss`	$2.26M	USD	1 Quarter
Balances, ending	`StockholdersEquity`	$17.07M	USD	Point-in-time
Balances, ending	`StockholdersEquity`	$22.27M	USD	Point-in-time
Balances, ending	`StockholdersEquity`	$23.19M	USD	Point-in-time
Balances, ending	`StockholdersEquity`	$19.33M	USD	Point-in-time
Balances, ending, shares	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Balances, ending, shares	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.